Dutch brewer Heineken has successfully completed its withdrawal from Russia, marking the end of an 18-month process that began when Moscow launched its full-scale invasion of Ukraine. In a deal with the Arnest Group, Heineken sold its business in Russia for just 1 euro.
This decision comes at a cost for Heineken, as the company admits it will incur a total loss of 300 million euros ($325 million) from the sale.
Heineken received criticism for the slow pace of its exit, but the company stated that it prioritized the well-being of its local employees in Russia.
While announcing its plans to exit Russia in March of the previous year, Heineken emphasized the importance of an “orderly transfer” to a new owner, even though its business in Russia was deemed unsustainable and non-viable in the existing environment.
Heineken CEO Dolf van den Brink expressed satisfaction with the transaction, stating that it ensures the livelihoods of employees and allows the company to leave the country in a responsible manner.
The sale encompasses all of Heineken’s assets in Russia, including its seven breweries. The Arnest Group has committed to retaining Heineken’s 1,800 local staff for a period of three years.
Heineken brand beer has already been removed from the Russian market, and the company plans to phase out another major brand, Amstel, within the next six months.
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